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Peugeot seeks salvation with Chinese auto group Dongfeng

Stricken French auto giant Peugeot Citroen handed part control to Chinese firm Dongfeng and the French state on Wednesday to win a new lease on life but still burdened by huge losses. The shareholder tie-ups end the 200-year-old grip of the Peugeot family dynasty, but will raise at least 3.0 billion euros ($4.13 billion) for Peugeot Citroen. The company, the biggest auto group in France with about 90,000 employees, desperately needs new capital to climb away from near disaster and develop innovative hybrid engine technology.

Peugeot's $3 billion loss shows rescue deal is just a start

By Laurence Frost PARIS (Reuters) - PSA Peugeot Citroen plans to build new cars and expand in Asia under a French-backed rescue deal agreed with China's Dongfeng, the carmaker said on Wednesday, as it posted a $3.2 billion loss that underscores the scale of the task ahead. The Paris-based group announced a long-awaited 3 billion euro fundraising that will bring it new leadership, more time to turn itself around and an end to two centuries of family control.

Peugeot posts 2.3-bn-euro loss amid tie up with China's Dongfeng

Peugeot Citroen halved losses last year, the car giant announced on Wednesday along with a shareholder tie-up with China's Dongfeng and the French state ending one of France's oldest industrial dynasties. The shareholder deal, tied up late on Tuesday, means that Peugeot Citroen will raise at least 3.0 billion euros ($4.13 billion) of new capital with the issue of new shares.

Peugeot posts 2.3-bn-euro loss as it ties up with China's Dongfeng

Peugeot Citroen halved losses last year, the car giant announced on Wednesday along with a shareholder tie-up with China's Dongfeng and the French state ending one of France's oldest industrial dynasties. The shareholder deal, tied up late on Tuesday, means that Peugeot Citroen will raise at least 3.0 billion euros ($4.13 billion) of new capital with the issue of new shares.

Peugeot officialises capital tie-up with Dongfeng, French state

French carmaker Peugeot posted a net loss of 2.3 billion euros on Wednesday as it announced a tie-up with China's Dongfeng and the French state that is expected to boost its capital by 3 billion euros. Dongfeng and the French government will each inject 800 million euros ($1.1 billion) for 14 percent stakes in the company, the same amount held by the Peugeot family. bpi/jul/fb/st PSA PEUGEOT CITROEN

Long road to Europe for Dongfeng despite Peugeot deal

Chinese carmaker Dongfeng hopes its acquisition of a $1.1 billion stake in struggling French manufacturer PSA Peugeot Citroen will bring it a technology dividend and access to Western markets, but analysts said the road is likely to be long and bumpy. Peugeot's board Tuesday approved an agreement for state-controlled Dongfeng Motor Corp. and the French government to each inject 800 million euros ($1.1 billion) for 14 percent stakes in the company, leaving the Peugeot family with a similar-sized shareholding.

Dongfeng deal buys time and new blood for Peugeot

By Samuel Shen and Laurence Frost SHANGHAI/PARIS (Reuters) - PSA Peugeot Citroen <PEUP.PA> and China's Dongfeng have agreed a 3 billion euro ($4.1 billion) capital tie-up that brings the troubled French carmaker new leadership, more time to turn its business around and an end to two centuries of family control. Peugeot, Dongfeng Motor Group Co Ltd <0489.HK> and the French government have signed a non-binding outline agreement, China's second biggest carmaker announced on Wednesday, confirming an earlier Reuters report.

Chinese automaker Dongfeng announces agreement to invest $1.1 billion in France's Peugeot

BEIJING, China - Chinese automaker Dongfeng said Wednesday it will invest 800 million euros ($1.1 billion) in France's Peugeot and expand co-operation in China's fast-growing market. The agreement would give struggling PSA Peugeot Citroen much-needed capital while state-owned Dongfeng Motor Co. gains access to a well-known brand and advanced technology to help expand its share of the Chinese auto market. Dongfeng said the Chinese company, the French government and the Peugeot family will own equal stakes in Peugeot and each is expected to gain equal voting rights.

French minister confirms state will inject $1.1 billion in Peugeot

PARIS (Reuters) - France's Industry Minister confirmed on Tuesday the French state would inject 800 million euros ($1.10 billion) in PSA Peugeot Citroen <PEUP.PA> leaving it with a 14 percent stake in the carmaker as part of a deal with China's Dongfeng <0489.HK>.

French minister confirms state will inject $1.1 billion in Peugeot

PARIS (Reuters) - France's Industry Minister confirmed on Tuesday the French state would inject 800 million euros ($1.10 billion) in PSA Peugeot Citroen <PEUP.PA> leaving it with a 14 percent stake in the carmaker as part of a deal with China's Dongfeng <0489.HK>.
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